Morgan Stanley 2010 Annual Report Download - page 256

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MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
27. Quarterly Results (unaudited).
2010 Quarter 2009 Quarter
First Second Third Fourth First Second Third Fourth
(dollars in millions, except per share data)
Total non-interest revenues ............... $8,704 $7,822 $6,677 $7,555 $3,003 $ 5,412 $7,972 $6,275
Net interest ........................... 368 141 103 252 (69) (216) 496 561
Net revenues .......................... 9,072 7,963 6,780 7,807 2,934 5,196 8,468 6,836
Total non-interest expenses .............. 6,557 6,260 5,979 6,624 3,517 5,776 6,975 6,183
Income (loss) from continuing operations
before income taxes .................. 2,515 1,703 801 1,183 (583) (580) 1,493 653
Provision for (benefit from) income taxes . . . 436 240 (23) 86 (584) (318) 521 40
Income (loss) from continuing operations . . . 2,079 1,463 824 1,097 1 (262) 972 613
Discontinued operations(1):
Gain (loss) from discontinued
operations ...................... (99) 866 (148) (13) (303) 477 (278) 137
Provision for (benefit from) income
taxes .......................... (31) 345 35 18 (112) 182 (99) (20)
Net gain (loss) from discontinued
operations .......................... (68) 521 (183) (31) (191) 295 (179) 157
Net income (loss) ...................... 2,011 1,984 641 1,066 (190) 33 793 770
Net income (loss) applicable to
noncontrolling interests ............... 235 24 510 230 (13) (116) 36 153
Net income (loss) applicable to Morgan
Stanley ............................ $1,776 $1,960 $ 131 $ 836 $ (177) $ 149 $ 757 $ 617
Earnings (loss) applicable to Morgan Stanley
common shareholders ................. $1,411 $1,578 $ (91) $ 600 $ (578) $(1,256) $ 498 $ 376
Earnings (loss) per basic common share(2):
Income (loss) from continuing
operations ...................... $ 1.12 $ 0.84 $ 0.07 $ 0.44 $ (0.38) $ (1.35) $ 0.51 $ 0.18
Net gain (loss) from discontinued
operations ...................... (0.05) 0.36 (0.14) (0.02) (0.19) 0.25 (0.12) 0.11
Earnings (loss) per basic common
share ...................... $ 1.07 $ 1.20 $ (0.07) $ 0.42 $ (0.57) $ (1.10) $ 0.39 $ 0.29
Earnings (loss) per diluted common share(2):
Income (loss) from continuing
operations ...................... $ 1.03 $ 0.80 $ 0.05 $ 0.43 $ (0.38) $ (1.35) $ 0.50 $ 0.18
Net gain (loss) from discontinued
operations ...................... (0.04) 0.29 (0.12) (0.02) (0.19) 0.25 (0.12) 0.11
Earnings (loss) per diluted common
share ...................... $ 0.99 $ 1.09 $ (0.07) $ 0.41 $ (0.57) $ (1.10) $ 0.38 $ 0.29
Dividends declared to common
shareholders ........................ $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ — $ 0.07 $ 0.05 $ 0.05
Book value ........................... $27.65 $29.65 $31.25 $31.49 $27.10 $ 27.21 $27.05 $27.26
(1) See Note 1 and Note 25 for more information on discontinued operations.
(2) Summation of the quarters’ earnings per common share may not equal the annual amounts due to the averaging effect of the number of
shares and share equivalents throughout the year.
250